Seeking Alpha

Sungy Mobile Limited (GOMO)

  • Mon, Jun. 8, 4:16 PM
    • Less than two months after Sungy Mobile (NASDAQ:GOMO) chairman/CEO Yuqiang Deng and co-COO Zhi Zhu found VC backing for their $4.90/share going-private offer, Sungy Mobile (GOMO) has accepted the deal.
    • The acquisition price represents a 6.5% premium to Sungy's Monday close. $98M in deal financing has been arranged. The deal is expected to close in 2H15.
    | Mon, Jun. 8, 4:16 PM | 4 Comments
  • Tue, May 19, 10:21 AM
    • Sungy Mobile (GOMO -0.6%) chiarman/CEO Yuqiang Deng and co-COO Zhi Zhu have entered into a consortium agreement with various funds jointly owned by VC firms IDG Capital and Accel Partners to pursue their $4.90/share going-private offer (disclosed on April 13).
    • Sungy currently trades 3% below the offer price. Deng/Zhu own 42% of the Chinese mobile app developer's shares, and control 67.8% of its voting rights.
    | Tue, May 19, 10:21 AM | Comment!
  • Mon, Apr. 13, 9:18 AM
    • Chairman/CEO Yuqiang Deng and co-COO Zhi Zhu have issued a "preliminary non-binding proposal letter" offering to acquire the Sungy Mobile (NASDAQ:GOMO) shares not owned by them for $4.90 apiece.
    • Of note: Deng/Zhu "intend to finance the proposed transaction with debt capital." Their offer price represents a 9% premium to Friday's close, and is 77% below a 52-week high of $21.16.
    • Sungy has risen to $4.79 premarket.
    | Mon, Apr. 13, 9:18 AM | 2 Comments
  • Feb. 12, 2014, 9:31 AM
    • Sungy Mobile (GOMO) has bought GetJar, owner of an Android app distribution/advertising platform, for up to 1.44M shares (current value of $32.4M) + $5.3M in cash. The size of the equity payout is based on the achievement of performance milestones.
    • Lithuania-based GetJar distributed Symbian, Java, and BlackBerry apps in the pre-iOS/Android era. The company now offers  a targeted app recommendation platform for Android developers trying to grow app downloads.
    • GetJar claims to reach 250M+ Android users with the help of its app publisher network and proprietary app, and is paid each time it enables an install. Facebook, with its popular app install ads, is arguably a top competitor.
    • Sungy, a prolific Chinese Android developer with a healthy base of non-Chinese users, says it's buying GetJar to grow its international footprint and obtain "state-of-the-art mobile data analytics capabilities" that will support its product development work.
    • Om Malik, who reported on the deal shortly before it was announced: "The world needs better discovery tools and Sungy thinks that combining GetJar’s analytics with its user base can solve the app discovery quandary. App discovery ... can be a lucrative business, as Facebook has shown."
    | Feb. 12, 2014, 9:31 AM | Comment!
GOMO vs. ETF Alternatives
Company Description
Sungy Mobile Ltd through its subsidiaries, provides mobile reading services and mobile portal marketing services, and sells mobile application products and related services in the PRC.
Sector: Technology
Country: China